Lorrie Parajeckas | Winchester Real Estate, Lexington Real Estate, Arlington Real Estate


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Missing a mortgage payment is not the end of the world. Many lenders are more than ready to work out a payment plan if you’re going through a rough patch or budgetary crisis. However, you may end up doing more harm than good to your credit and home ownership if you don’t contact your mortgage lender as soon as the financial need arises.

Below are things to remember about a late mortgage payment.

1. Mortgages Come with a Grace Period

Even if you pay one day or five days after the due date, it still might not be considered late since many lenders offer a grace period of about five to fifteen days. If you want to know about your specific grace period, contact your lender for grace period information.

2. A Late Fee Will Appear

If your payment is delayed, then it will most likely incur a late-payment fee. You can expect to pay the late fee in your next mortgage payment. Work with your lender to see if you can avoid a late fee by setting up an automatic payment method or if there are other clauses in your contract to have the fee waived in extreme circumstances.

3. Damage to Credit Score

A damaged credit score is one of the adverse effects of a late mortgage payment. Your payment history is of uttermost importance as it can affect your ability to secure financing of any sort in the future. Your lender usually reports your payment history, and if you are thirty days behind, your credit score may feature “late 30” next to the loan. This mark could drastically hurt your overall FICO® score.

4. Suffer Drastic Measures

When you suffer delinquent payment beyond 90 days, your lender automatically considers you in default on your loan. If left without a written waiver or payment arrangement, they may start to take foreclosure actions against you, which could lead to more public actions and eviction from the home. There are other things that can be done to retain your home, however. Bankruptcy affords the ultimate protection until your debts can be assessed and discharged by the government but should be a last option since it can remain on your credit report for ten years.

5. The Account Goes to Collection

Your account can go into collection if you are behind your mortgage payment. In that case, you will receive a phone call or a letter from your lender about the late fee and that your account is being sent to a collection agency.

Every borrower’s situation is different, depending on credit score and payment history. If possible, avoid falling short of your mortgage payment. The earlier you make the due payment, the better it is for you, but if you’re unable to, set up an arrangement with your lender.

Still have more questions about mortgages and how to successfully nail down the right price for you? Contact me, and I’ll point you in the right direction.


This Single-Family in Winchester, MA recently sold for $2,361,000. This Colonial style home was sold by Lorrie Parajeckas - Compass Massachusetts, LLC.


Winchester, MA 01890

Single-Family

$2,300,000
Price
$2,361,000
Sale Price

9
Rooms
4
Beds
5
Baths
Stunning New Construction by a local builder known for his functional design and impeccable craftsmanship that creates a statement of casual elegance and comfortable luxury. A Colonial with modern farmhouse accents has a unique U-shaped staircase with handcrafted iron balusters within a dramatic 2-story foyer; a fireplaced living room/study to the left; to the right is a dining room defined by coffered ceilings, open to the kitchen with multiple prep and gathering areas including the impressive fireplaced family room. The gourmet kitchen dazzles with quartz counters, a huge island, Thermador appliances, and white cabinetry with blue accents. More sizzle: Dine al fresco on the deck in the covered outdoor heated kitchen for the shoulder seasons. The 2nd floor includes an owner's suite w/ a luxurious spa bath; Bonus room & wine room on the lower level; 2-car garage. Sited on a large L-shaped lot w/green space for outdoor activities, potential for a built-in pool. Ambrose School district.

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Photo by bruce mars from Pexels

Moving locally might not seem as stressful as a long-distance move, but it can still be hectic if you’re not well-prepared for it. Whether your local move is just down the street or to another part of town, make sure you start getting ready for it early. The following tips can help make your upcoming move a bit easier. 

Start Sorting & Packing Early

Even though it won’t take as long to get to your new home when you move a short distance, you should still get started on sorting and packing your belongings as early as you can. Waiting to begin may mean you’ll feel rushed and opt to skip the sorting process. Instead of donating or tossing items in order to downsize, for example, you might end up bringing everything with you to your new home. If you’ve closed on your new home and know your moving date, you can begin sorting through your household items. 

Label Your Boxes

Being as organized as possible can help your local move go smoothly. As you go through your belongings and pack them up, put labels on each box or container. Your labels should let you know what’s inside and where each box or container should go. You can either write the room on the label or use color-coded labels for different rooms. Having all of your boxes and containers clearly marked makes it easy for you or your movers to know where to put them at your new home. 

Switch Your Utilities

As your move gets closer, keep in mind that you’ll need to change your utilities over to your new home. Since you’re moving locally, you might not have to deal with switching to new utility companies. Instead, you might just have to contact each company to provide them with your new address and let them know when to shut off services at your current home and turn them on at your new home. 

Make Multiple Trips

Since your new home isn’t far away, you should be able to make several trips back and forth instead of having to move everything in one trip. You can load up your car with smaller items and boxes for these trips, and unload them in your new residence. For larger items, such as your furniture, make plans to rent a truck or hire local movers to handle these for you. Moving into your new home a little at a time through multiple trips helps make your actual moving day less stressful overall.


This once traditional colonial has been stunningly renovated into a sparkling, contemporary home. An open L-shaped floor plan has dynamic appeal with designer lighting fixtures, white-washed oak flooring & tall windows to usher in both morning & afternoon natural light. Long sight lines connect the dramatic two-story living room, dining area, & sleek modern kitchen w/Jenn-Air appliances. A quartzite waterfall-style island has ample seating and is a social hub for the large family room as well. An attractive staircase with cable railings leads to the 2d floor landing w/dramatic views of the living room below. 4 bedrooms include a large owner’s suite w/two walk-in closets & luxurious new spa bath. The modern design elements continue into the lower level w/plush wall to wall carpeting, bonus room w/chic built-in bookshelf & cheerful flex space for all. Large mudroom. POTENTIAL 5TH BEDROOM AND 4TH BATH! New bamboo composite deck & lush grounds. Pretty cul de sac in Muraco Elementary area.

More Info on this Property | New Listing Alerts


3 Churchill Cir, Winchester, MA 01890

Single-Family

$2,050,000
Price

10
Rooms
4
Beds
2/1
Full/Half Baths
This once traditional colonial has been stunningly renovated into a sparkling, contemporary home. An open L-shaped floor plan has dynamic appeal with designer lighting fixtures, white-washed oak flooring & tall windows to usher in both morning & afternoon natural light. Long sight lines connect the dramatic two-story living room, dining area, & sleek modern kitchen w/Jenn-Air appliances. A quartzite waterfall-style island has ample seating and is a social hub for the large family room as well. An attractive staircase with cable railings leads to the 2d floor landing w/dramatic views of the living room below. 4 bedrooms include a large owner's suite w/two walk-in closets & luxurious new spa bath. The modern design elements continue into the lower level w/plush wall to wall carpeting, bonus room w/chic built-in bookshelf & cheerful flex space for all. Large mudroom. POTENTIAL 5TH BEDROOM AND 4TH BATH! New bamboo composite deck & lush grounds. Pretty cul de sac in Muraco Elementary area.
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May 08 at 12:00 PM to 2:00 PM
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Location: 3 Churchill Cir, Winchester, MA 01890    Get Directions

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